A concerted effort in the budget towards enhancing the ease of doing business and facilitating the entry of local players into the market is crucial.
With the impending announcement of the 2024 budget, industry experts across various sectors have shared their expectations and requirements. Here are some quotes reflecting their insights into what they anticipate from the upcoming budget.
As the electric vehicle (EV) industry gears up for substantial growth in the coming years, it is imperative for the government to foster a supportive ecosystem. To stimulate investment opportunities, there should be encouragement for potential investors, coupled with essential reductions in GST rates for electric vehicles and charging stations. Additionally, easing the burden on the industry can be achieved through a decrease in import duties on electronic components. The industry is particularly hopeful for a significant GST reduction, aiming to bring it down from 18% to 5%, specifically for lithium-ion battery packs and cells, given their pivotal role in the EV sector. A concerted effort in the budget towards enhancing the ease of doing business and facilitating the entry of local players into the market is crucial. Addressing aspects like component localization and ensuring easy access to necessary components will empower Indian companies, both large and small, to develop competitive products at competitive prices, further solidifying the sector’s growth potential. Dinesh Arjun, CEO & cofounder of Raptee.
Raptee, the premium EV motorcycle brand. A motorcycle that is IOT and tech-enabled. Raptee launched its first transparent bike model at the Tamil Nadu Global Investors Meet, solidifying its commitment to innovation and contributing to the state’s economic growth.
We would like to see the upcoming budget carry a strong focus on helping businesses overcome the threats of cyberattacks and other digital risks. Indian businesses are adopting digital solutions at an accelerated pace, but their cybersecurity maturity remains low. A budget that supports SMEs and startups growth while ensuring their cybersecurity needs are taken care of is much needed in the current AI and digital age. The government’s approach needs to move beyond building compliance frameworks to providing tangible subsidies for cybersecurity protection solutions. By Kumar Ritesh, Founder, Cyfirma.
Cyfirma is an external threat landscape management firm established in APAC countries. Cyfirma was founded in 2017 by Kumar Ritesh, who specializes in cyber intelligence, dark web chatter, and uncovering attacks being planned against India and companies. The platform collects intelligence from multiple hacker forums that are otherwise inaccessible and uncovers sinister plots being planned against legitimate companies.
Cyfirma has assisted many companies in their fight against cybercrime as well as thwarting cyberattacks at an international level. They have recently launched an India Threat Landscape report on how cyberattacks have increased in India in the last 3 years.
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